QUESTION 8 Adam Smith's invisible hand refers to property ownership laws and the rule of the court system. the laws of nature that influence economics decisions. the government's unobtrusive role in ensuring that the economy functions efficiently. the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole 2 points QUESTION 9 An article in the Wall Street Journal noted the following Instead of relying on a full-coach, round-trip unrestricted fare of about $2,000 between Cleveland and Los Angeles Continental Airlines) si offered a $716 unrestricted fare in that market i Through October, the test resulted in about the same revenue that Continental thinks it would have collected with its higher fare Source: Scott McCartney, "Airlines Try Gutting Business Fares, Find They Don't Lose Revenue,"Wall Street Joumal, November 22, 2002 What is the absolute value of the price elasticity of demand on this airline route? 0 2 points greater than 1 less than 1 approximately 1